Three units of alternative energy company Alteo signed contracts for a combined HUF 9.4 billion (24 millioneuros) of European Union funding for battery storage investments, the parent company announced, according to a report by state news wire MTI.
The projects have a combined value of around HUF 28 billion.
Construction of the battery storage, which must start operating by the end of April 2026, is expected to begin in H2 2024.
The investment arm of Hungarian oil and gas company MOL, along with two private equity funds, holds 73.79% of Alteo’s shares.
